Energy policy of Iraq
Energy policy of Iraq describes the politics of Iraq related to energy. Energy in Iraq describes the energy and electricity production, consumption and import in Iraq. Electricity sector in Iraq is the main article of electricity in Iraq.
Oil revenues are the major income in the economy of Iraq.
Based on data from BP at the end of 2009 the highest proved oil reserves including the non-conventional oil deposits are in 1) Saudi Arabia (18 per cent of global reserves) 2) Canada (12%, mostly oil sands) 3) Venezuela (12%, mostly tar sands) 4) Iran (9%) and 5) Iraq (8%)
Iraq is a member of OPEC.
The global oil and gas prices have been strongly influenced by political decisions and events. For example, the oil embargo 1967 and 1973 oil crisis during the 1970s, the Iran-Iraq War in the 1980s, the Iraq-Kuwait War in the 1990s and the Iraq War from 2003.
One of the corruption risks is that the oil resources are publicly owned but often privately produced. The complex system of licenses and fees may drive corruption incentives. According to Transparency International Bribe Payers Index 2008, the oil and gas industry in general is highly vulnerable to 1) bribery of public officials and 2) undue influence on the legislative process and government polices. IMF Working Paper confirms the relationship between oil rents and corruption. Higher increases in oil rents tends to increase corruption and erode political rights. Open Budget Survey 2008 by International Budget Partnership confirmed that the oil- and gas-dependent countries tend to be less transparent.
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- 2011 report on oil and gas companies, Promoting revenue Transparency Transparency International 2011 page 113
- 2011 report on oil and gas companies, Promoting revenue Transparency Transparency International 2011 page 117